Section 54

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Section 54: Surrender of certificate of incorporation; notice

Section 54. If a petition, signed and sworn to by a majority in interest of the stockholders of a railroad or street railway company organized under general laws or by a majority in number or interest of the members of any other corporation organized under the general laws, except a corporation created for the purpose of business or profit having a capital stock divided into shares or which is under the supervision of the commissioner of insurance, has, with the certificate of incorporation, been filed in the office of the state secretary, stating that such members desire to surrender the certificate of incorporation and to have the corporation dissolved and giving their reasons therefor, the state secretary, if he considers such reasons sufficient, shall require the petitioners to publish a notice in one or more newspapers in the county where the corporation is located stating that, for reasons which appear to him sufficient, the certificate of incorporation of the corporation therein named is annulled. Upon the filing by the petitioner with the state secretary of a copy of each newspaper in which the notice of dissolution was ordered to be published, the corporation shall be dissolved, subject to the three preceding sections.